Need to short sell your home?
Don't know what a short sale is? A short sale occurs when the value of a home is less than what is owned. This may be due to many factors, but frequently is a result of a rapidly declining housing market.
For many homeowners, a short sale is preferential to foreclosure or bankruptcy when they can get the lender to write off the difference.
What steps do I take in a short sale?
First, get an idea of the true market value of your home. A good REALTOR®, like Target Cost Realty, LLC, will be able to give you a reasonable idea of what your house will probably sell for based on a market analysis. Be cautious of websites where a computer estimates your property's market value since they may not have complete information or know important things like neighborhood trends and current listings.
When you're ready to sell your home, Target Cost Realty, LLC will help. Use my experience and knowledge of the local real estate market in Grand Prairie to sell your home quickly.
Contact us today.
Next, estimate your closing costs. My work in this area means I know to take into account fees like title report, appraisal, escrow, property taxes, and agent commissions to tally your final costs at closing.
Finally, get in touch with your lender and notify them of the situation. They may even have a specific team that oversees short sales. Ask about their specific procedures. Some lenders will be more inclined to work with you than others. They may be able to decrease how much you owe or make other arrangements. Your lender will have to agree to the final sale.